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It stands for Aadhaar enable payment services and with this service a person is capable of sending the money to whomever he or she want to, just with the Aadhaar number and UIDAI authentication. It has been made by National Payments Corporation of India (NPCI) and approved by Reserve bank of India (RBI).

Spice money has the authority to work on this basis by the approval of National Payment Corporation of India.

Services available under AEPS

Cash withdrawal  

Balance inquiry 

Cash deposit 

How to get it:

• Provide KYC (Know Your Customer) information to open a new account
• Aadhaar Number should be linked with bank a/c

Service Activation:

• None
• 1- minutes post Aadhaar seeding

What is required for Transaction:

• Remember Aadhaar
• Give Bank name
• Present self (Aadhaar holder) with Bio-metrics (Finger and/or IRIS)
• Assisted mode

Transaction Cost:

• NIL to customer
• Merchant or BC may get charged or paid based on bank‘s discretion

Disclaimer The transaction costs are based on available information and may vary based on banks.

Funds Transfer limit:

• Banks define limit. No limit for RBI.

Disclaimer The funds transfer limits are based on available information and may vary based on banks.

Service Available from no. of operators:

• 1 8 banks
• Interoperable